DBRS Upgrades and Removes from UR-Dev the Rating on the IRS Term Pmts Re: Mulberry Street CDO II, Ltd.

DBRS, Inc. (“DBRS”) has today upgraded from AA (sf) to AA (high) (sf) the rating on the Interest Rate Swap Termination Payments including all the interest due (“Potential Termination Payment”) which may be owed to the interest rate swap counterparty (“Swap Counterparty”) under an Event of Default where Mulberry Street CDO II, Ltd. (“Mulberry II”) is the sole defaulting party due to a Failure to Pay or Deliver as defined in section 5(a)(i) of the ISDA Master Agreement (“Agreement”) executed on June 26, 2003 between Mulberry II and the Swap Counterparty.

The rating has also been removed from the Under Review with Developing Implications designation. This action reflects the conclusion of the review to determine the impact of the updated methodology “Rating Global Structured Finance CDO Restructurings”.

The principal methodology is Rating Global Structured Finance CDO Restructurings which can be found on our website under Methodologies.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

Note:
All figures are in U.S. dollars unless otherwise noted.